Path dependency and “natural selection” mark the two poles in the debate on the transfer of institutions across borders. Path dependency implies that the observation of foreign institutions does not play a major role in the evolution of domestic institutions, and that, if learning does take place, it happens only within the framework of existing institutions. In contrast, the thesis of “one best way” contends that nations are compelled to adopt the most efficient institutions possible. Path dependency conduces to the divergence of economic institutions across nations, whereas “natural selection” tends towards convergence. The predominant theories in this debate, neoclassical economic theory and new institutional economics, cannot satisfactorily predict divergence or convergence. Therefore a discourse-analytical approach was chosen. While not denying the power of competition and institutional legacies, this approach allows an analysis of the political struggles surrounding the transfer of institutions. Special emphasis is placed on the ability of collective actors to convince other relevant actors of the advantages of the foreign model and to initiate imitation. The history of the transfer of economic institutions between America and Germany provides the empirical background.